DDM Analysis: HMM-A.TO

Valuation Snapshot

Stable Growth	$257.39 - $303.25	$284.19
Multi-Stage	$171.45 - $188.21	$179.67
Blended Fair Value	$231.93
Current Price	$10.11
Upside	2,194.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.42%	11.60%	0.06	0.06	0.06	0.04	0.04	0.04	0.04	0.02	0.02	0.02
YoY Growth	-	-	0.00%	0.00%	50.11%	0.00%	-0.22%	0.44%	100.00%	0.00%	0.00%	-0.44%
Dividend Yield	-	-	0.71%	0.52%	0.97%	0.99%	1.16%	2.82%	2.02%	0.87%	1.09%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.29
(-) Cash Dividends Paid (M)	0.68
(=) Cash Retained (M)	16.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.46	2.16	1.30
Cash Retained (M)	16.61	16.61	16.61
(-) Cash Required (M)	-3.46	-2.16	-1.30
(=) Excess Retained (M)	13.16	14.45	15.32
(/) Shares Outstanding (M)	11.34	11.34	11.34
(=) Excess Retained per Share	1.16	1.27	1.35
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	1.16	1.27	1.35
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	2.63%	2.63%	2.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$257.39	$284.19	$303.25
Upside / Downside	2,445.91%	2,710.99%	2,899.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.29	18.42	19.62	20.89	22.25	23.69	24.41
Payout Ratio	3.93%	21.15%	38.36%	55.57%	72.79%	90.00%	92.50%
Projected Dividends (M)	0.68	3.89	7.52	11.61	16.19	21.32	22.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.63%	2.63%	2.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3.76	3.79	3.83
Year 2 PV (M)	7.01	7.14	7.28
Year 3 PV (M)	10.44	10.74	11.05
Year 4 PV (M)	14.06	14.60	15.15
Year 5 PV (M)	17.87	18.73	19.63
PV of Terminal Value (M)	1,891.43	1,982.78	2,077.64
Equity Value (M)	1,944.56	2,037.79	2,134.57
Shares Outstanding (M)	11.34	11.34	11.34
Fair Value	$171.45	$179.67	$188.21
Upside / Downside	1,595.89%	1,677.19%	1,761.60%

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Hammond Manufacturing Company Limited (HMM-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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